Thailand as 2nd country in the ASEAN region to establish Carbon Tax - 200 baht (US$5.60)/ tonCO2e starting with oil products such as diesel and gasoline (news on June 2024); while committed to meet carbon neutral by 2050 and net zero by 2065. The tax is part of Thailand Climate Change Act, expected to take 1 - 3 years (starting 2025) to implement and may include mandatory emissions reporting, a formal climate change fund and an emissions trading scheme.
Target: Oil refinieries and proposing measures for EV batteries recycling to address future waste disposal issues
Mechanism: Conversion of existing taxes on oil products - 200 baht (US$5.60) per ton CO2e tax on oil products will replace existing taxes, resulting in no additional revenue or cost to consumers (ensuring a revenue-neutral transition), and no new laws are needed.
